5 Ways a Property Management Company Saves You Time And Money

Posted on by Bay Management Group

Hiring a Property Management Company Saves You Time and Money

Self-managing your Laurel rental property may sound like a good idea initially.

However, what you may not realize when you get into the rental property business is how much work is involved, and how much money needs to go into properly managing every aspect of your tenant’s stay in your investment property.

Not understanding the true time and money commitment involved with managing rental properties can kill your rental property business before you even get started.

You may feel you are maximizing your profits by taking on everything yourself, and not paying a property management company to do it for you. However, by not outsourcing your property management tasks, you may actually be doing yourself a financial disservice and making things much worse, without even knowing it.

If you want to become a successful property owner, you might want to consider hiring a property management company to help you.

Their experience, professionalism, and expertise can save you loads of time and money, and actually garner you more profit in the end, without you having to work so hard.

 

How Investing in a Property Management Company in Laurel Will Save You Time and Money

1. Reduced Vacancy Rates

Property Management Company Helps Reduce Vacancy Rates

If your rental property has no tenants, you are not collecting any money.

That’s why reducing vacancy rates is something most property owners prioritize.

According to Brenton Hayden, founder and chairman of the board of Renters Warehouse, vacancies are often listed as the number one reason people give in and hire a property management company.

The time and money spent on advertising, tenant screening, placing tenants, and drafting lease agreements is much better spent on an experienced property manager that is familiar with the area your property is in, the market trends, and the demographics likely to lease from you.

Plus, a good property management company can get your property leased within a few days or weeks, as opposed to months, which is a hang-up inexperienced, self-managing property owners often deal with.

 

2. Legal Compliance

Imagine the time it will take you to learn every federal, state, and local landlord-tenant law.

Now, imagine hiring a property manager that already knows every rule and regulation related to leasing rental property.

That’s a lot of saved time.

In addition, by hiring a Laurel property manager that is up to date on all rental property legal compliance, you eliminate the risk of unknowingly breaking a law, and ending up in a landlord-tenant dispute.

Things such as rental property inspections, taxes, fair housing, and anti-discrimination laws are all covered when you employ a property manager to handle your rental property.

Not to mention the complex eviction procedures that self-managing rental property owners find themselves getting involved in from time to time – without a clue as to what to do.

By entrusting a property manager to handle the legal aspect of your rental property, you significantly reduce the chances of getting into a legal dispute that will result in a financial loss.

 

3. Higher Quality Tenants

Get Higher Quality Tenants With a Rental Property Management Company

Your property manager will have the resources to attract only the best tenants for your rental property.

This is because they understand the market, the need for thorough (and legally complaint) background checks and tenant screening processes, and they also know how to advertise available properties to those that are likely to be high paying quality tenants.

As a property owner with little experience marketing your rental, there is a good chance you will advertise on the wrong platforms (at higher costs than your property manager would), and possibly attract the wrong tenant pool.

In fact, you may not even know how to properly screen for tenants according to their ability to pay, which can have dire effects on your bottom line when halfway through a tenancy your tenant stops paying their rent.

Trust a property manager to handle these details for you.

Not only does this free you up to do other things, it relieves you of the pressure to find perfect tenants for your property that can pay the rent rate you “think” you deserve.

(Yes, your property manager can also help you set the right rent rate for your property so you receive the highest ROI possible.)

 

4. Maintenance and Repairs

When it comes to maintenance and repairs, many self-managing property owners feel they can tackle all complaints that will arise during their tenant’s tenancy.

Come to find out, however, many property owners don’t like midnight calls, have no idea how to handle most repairs on their own, and do not have a list of reliable contractors that are licensed and insured to perform timely, affordable, and quality work on their investment property.

All of this adds up to a huge waste of time, and an even bigger waste of money.

However, if you enlist the help of a reputable property management company that has a 24/7 maintenance crew on hand, suddenly all of these time and money problems disappear.

With the right property manager, you no longer have to answer tenant maintenance and repair requests, and you save money thanks to the Rolodex of contractors your property manager has on hand to handle any repair, no matter how serious.

 

5. Rent Collection Enforcement

Rent Collection Enforcement Is Guaranteed When You Hire a Rental Property Management Company

Collecting rent from your tenants is how you make money.

However, what you may not realize is that collecting rent from your tenants can be challenging at times.

Even if you place the highest quality tenants in your property every single time, there is bound to be an issue or two with rent collection during your career as a rental property owner.

With a property manager on hand, you make rent collection easier in the following ways:

  • The lease agreement, drafted by your property manager, will strictly outline everything rent collection related
  • Your property manager will discuss with your new tenants the rent collection process so they thoroughly understand their obligations
  • There will be convenient ways for your tenant to pay their monthly rent
  • Any failure to pay rent on time will be met with swift consequences, again outlined in the lease and explained to your tenants
  • The legal procedure for evicting non-paying tenants is understood by your property manager so there are no illegal proceedings you have to account for
  • Your property manager will likely stand behind you in court if necessary, helping you to recover all costs related to a non-paying tenant

 

In Closing

As you can see, having a knowledgeable property management company by your side to ensure you get paid, no matter what, is helpful in saving you time and money.

With the right property manager on your side, helping you with tasks like tenant placement, lease agreement drafting, rent collection, and maintenance, you will have time to focus on building your portfolio, taking that extra vacation, or focusing on your day job.

If you are looking for a Laurel property management company to help you save time and money in the long run, get in touch with Bay Management Group today.

With years of experience in the rental property industry, we take care of every little detail related to your rental property so you don’t have to. Avoiding one bad eviction process, one lost lawsuit, one major repair request, or one less vacancy, more than makes up for the cost of investing in a property manager.

4 Renovations To Keep Your Tenants Happy & Complaint-Free

Posted on by Bay Management Group

Renovations to Keep Your Owings Mills Tenants Happy & Complaint-Free

Keeping your tenants happy is the best way to continue collecting a consistent stream of rental income, prevent an unnecessary vacancy, and of course, build your Owings Mills rental property business into one that is reputable and successful.

That said, how you keep your tenants happy can be challenging at times.

There are so many ways to keep tenants satisfied, and each tenant you encounter will have their own individual needs, and complaints, that you need to address.

If you are looking to secure more lease renewals, and genuinely provide quality customer service to your tenants, take a look at these common renovations you can make to your rental property to help lower tenant complaints.

 

Lower Tenant Complaints with These Rental Upgrades

As a property owner, you cannot possibly anticipate every issue your tenants will have.

However, with these Owings Mills rental property renovations, you can definitely lower the number of complaints you receive from tenants, and boost their overall satisfaction.

 

1. Appliance Upgrades

Upgrade Appliances to Keep Owings Mills Tenants Happy and Complaint-Free

Your tenants will always have maintenance and repair issues that need dealing with throughout their tenancy.

In fact, some of the most common maintenance complaints you are going to face will be associated with your property’s appliances.

The last thing you want is to have multiple grievances about your property’s appliances put in by your tenants during their tenancy.

Not only will this begin to cost you, since it is your responsibility to handle all maintenance and repair issues, this is sure to grind on your tenant’s nerves – even if you handle every repair quickly and efficiently.

In short, tenants want the appliances in their home to work. What they don’t want is to have to call your property management company on a regular basis to inform you of another appliance that has burnt out.

If you have room in your budget to upgrade your rental’s appliances to newer, more energy efficient ones, you should.

This will not only allow you to command higher rent rates, new appliances are bound to last longer without needing repair, which is something every tenant will appreciate.

 

2. New Flooring

In the past, we have discussed the various flooring options you have when it comes to your rental property.

And, while flooring such as hardwood or laminate garner you a higher ROI on your rental property, the truth is, they don’t do much for one major tenant complaint – noise.

 Noise problems can wreak havoc on your tenant’s daily life, especially if they lease an apartment or townhome from you, where shared walls are common, and neighbors become an issue.

What’s worse is that typical noise complaints don’t usually break the threshold designated by local authorities as a violation of the city’s noise ordinances. This means your tenants have to deal with neighboring animals, music, or children, and there is usually no legal remedy available to stop it.

This is when noise complaints become your problem.

As the landlord of your tenants, it is your responsibility to maintain their surrounding peace and quiet. And, if noise is something your tenants complain about consistently, it is your job to handle it.

One renovation that helps keep noise at bay, and your tenants satisfied, is carpeting the floors.

Though not always the number one option when it comes to your rental property’s flooring, it helps keeps noise under control, especially in apartments.

This is especially true if you budget in a noise-blocking carpet underlay.

In addition, you can install some high quality carpet choices in your rental if you are looking to rake in higher rent rates. No one ever said the carpet in your rental had to be cheap.

If, by chance, you are not a fan of carpet, there is always the option of installing cork in your rental property. Cork floors absorb sound since they are soft and dense, much like carpet is.

This flooring type will do wonders for controlling outside noise, and look great in your rental property, which is something all property owners aim for.

 

3. New Windows

New Windows Keep Owings Mills Tenants Happy

If your Owings Mills rental property is near a busy area that conducts a lot of excess noise (think New York City during morning rush hour), your tenants may start to voice their problems with this.

What many property owners don’t realize is that the windows on their property have a tendency to exacerbate outside noise.

This means children playing in the street, cars honking, or nearby construction zones may project noise directly into your property, disrupting your tenant’s peace and quiet.

This is because windows conduct light, heat, and noise, and can make all three things worse if not installed properly.

One renovation you can make on your rental property to lower the chances your tenants will complain of outside noise is to install double or triple paned windows.

You can also provide thick, noise projecting window treatments such as drapes to keep out the light, heat, and noise.

Lastly, it is important you make sure your window seals are not cracking, as these tiny gaps have the potential to allow unwanted noise inside the property, without you even realizing it.

 

4. Landscaping

If noise complaints are still something you are receiving from tenants, you can always take your renovations outside to help eliminate some of the problem.

Landscaping your backyard with large trees and shrubs can help block noise from the surrounding businesses and street traffic.

In addition, this renovation will create a backyard oasis for tenants to enjoy, help reduce energy bills thanks to the shade they provide, and help keep drafts out during the cold winters.

 

In Closing

It is impossible to eliminate all tenant complaints with renovations to your rental property.

And, while there are some decent options for helping to reduce tenant complaints, especially when it comes to appliances and noise, there is much more to keeping your tenants satisfied and complaint-free.

If you own rental property and want help boosting tenant satisfaction through not only renovations, but also exceptional customer service, contact the leader in Owings Mills property management − Bay Management Group.

We provide superior customer service when it comes to tenant complaints we receive. With years of experience dealing with every type of tenant issue you could possibly imagine, we know the best way to alleviate problems, provide excellent maintenance and repair services whenever there is even a minor issue, and can help advise tenants of the best ways to make their residency in your rental property one that they enjoy.

5 Expert Property Management Tips to Write a Strong Lease Agreement

Posted on by Bay Management Group

Expert Property Management Tips for Writing a Strong Lease Agreement

The way you structure your lease agreement is going to set the tone for the entire term of your Potomac tenants’ stay.

In fact, the lease is often considered the crux of your entire rental property business.

However, drafting your own lease agreement from scratch can be challenging if you self-manage your rental properties and don’t know what to include.

Lease agreements need to have a lot of information built into them to make sure they’re strong enough to enforce with your tenants and in court, should a landlord-tenant dispute ensue.

That’s why knowing the basic steps for creating a strong lease agreement is crucial for maintaining a successful rental property business.

If you are wondering how to create an airtight lease agreement that addresses all of your needs, and protects yourself, your investment property, and your tenants, keep reading for pro tips.

 

1. Hire an Attorney

Hire An Attorney to Write a Strong Lease Agreement

If you are not using Potomac property management to help you draft a solid lease agreement, the next best thing to do is enlist the help of a local, experienced real estate attorney.

Having a lawyer on hand to help you draft your lease agreement is a good idea.

Why?

Because in addition to federal rental property laws you must follow, every state and city has their own specific landlord-tenants laws that you also must abide by in your written lease agreements.

The last thing you want to do is include something in your self-drafted lease agreement that violates a law.

Worse yet, you don’t want to have such a loosely stated lease agreement that clauses you have included can be used against you by knowledgeable tenants looking to take advantage of those not well-versed in the law.

Having an attorney look over a finalized lease agreement is not going to break the bank, and can end up save you lots of time, money, and hassle in the long run.

It is always a good idea to educate yourself about the rules and regulations that apply to you and your rental properties, so that you can always protect your own interests, whether you have a property management company or real estate attorney helping you out.

 

2. Have Multiple Copies of Your Lease

The beauty of modern technology and digital bookkeeping is a bonus for keeping your business organized and secure.

However, digital lease agreements have the potential to be altered, whether by accident or on purpose, by either the tenant or the software.

It is critical you have a paper copy of the lease agreement kept on file at all times to refer to in the case of a dispute. This way your tenant cannot make the claim that a clause in the lease agreement says something entirely different from what you originally drafted.

It is important to have your Potomac property manager discuss this paper copy lease agreement with your tenant at the time of move-in, as well as have them sign the document so you have hard proof that everyone involved knew exactly what was expected of them at all times throughout the lease term.

 

3. Address Lease Changes

Address Lease Changes With An Addendum For Your Rental Property

Sometimes lease agreements change during the course of a tenancy.

However, in order to create a strong lease agreement that prevents changes of all kinds from sneaking into the lease agreement, you must include a clause stating that any changes to the lease agreement will only be considered valid if in writing.

Do not give your tenants the power to “add” lease changes to the original lease agreement from verbal conversations you or your property manager have with them. This can lead to a lot of miscommunication, and changes to the lease you did not approve.

For example, your tenants may have moved into your rental without any pets. And, the lease agreement may clearly state no pets are allowed.

However, perhaps halfway through the lease your tenants approach you or your property manager with a request to get a puppy. And, you agree to this.

Make sure to add a pet policy provision into the lease agreement and have your tenants sign it so they know the rules regarding this new lease clause. Include things like breed and size restrictions, pet deposits and fees, and the consequences if the pet damages your property during their lease term.

If you don’t do this, you could end up with 10 dogs roaming your rental property damaging everything from the interior of your property to the exterior landscaping, all because you verbally said to your tenants that they could have a dog.

The pet policy is just one example of how your written lease agreement can falter if you allow verbal changes to change it.

Protect yourself and your investment by only allowing written changes to be incorporated into the original lease agreement.

 

4. Make Your Writing Clear

Your lease agreement should be extremely clear for anyone that reads it.

Use simple terminology, make it short and to the point, and never leave any open-ended clauses that allow room for interpretation.

If things are not clear, and your tenant can poke holes in each lease provision, chances are the written document you thought was in place to protect all parties will actually be used against you.

Some of the most important provisions to outline clearly in each lease agreement you draft include:

  • Security deposit collection, use, and return procedures
  • The rent amount, when it is due, and the consequences for late or non-payment
  • Maintenance and repair procedures, what will and won’t be covered by you, and what the tenants are responsible for
  • Whether temporary alterations are allowed, and which ones
  • What to do in the case of an early lease termination
  • Your right of entry procedures, complete with notice information
  • Roommate, use of property, and code of conduct rules
  • What happens should any lease provision be breached throughout the lease term

 

This is not a comprehensive list of the important lease clauses to include in your lease agreement.

Rather, it is a list of some of the most important ones that have the potential to create many legal problems for you, should they not be addressed correctly.

 

5. Customize Your Template

Customize The Template For Your Lease Agreement

Using a lease agreement template is okay, especially if you self-manage your rental property. However, you should be aware that lease agreement templates are not one-size-fits-all forms that apply to every landlord in the country.

Both Maryland and Potomac have specific rules and regulations you must follow when it comes to lease drafting. That’s why customizing your template to fit your individual needs, and address the state and local laws is a must.

 

In Closing

If you are looking for a high-quality property management company in Potomac, MD to help you write a strong lease agreement for your rental properties, contact Bay Management Group now.

We have the knowledge to make sure your lease agreements are legally compliant. We will take the time to address every personal provision you want to include in your agreements, and make sure that your tenants understand exactly what is expected of them at all times during their tenancy.

Top 4 Reasons Why Detailed Move-In Inspections Are Essential

Posted on by Bay Management Group

Why Move-In Inspections Are Essential For Your Rental Property

Any time you place a new tenant into your Bel Air rental property, you must conduct a thorough move-in inspection – even if you think that your rental is in tip-top shape.

But you and your property management company tirelessly prepared your rental for new tenants, made sure that everything was clean, in good working order, and was visually appealing – that’s enough, right?

Wrong.

In an effort to protect both you and your tenants, as well as the investment property itself, a move-in inspection documenting the original condition of the rental at the time your tenants move in is absolutely necessary, despite how “perfect” the condition of the rental may seem.

To learn more about what a move-in inspection is, and why they are the key to starting a satisfying your renters (as well as one of the best ways to protect your rental property business), keep reading.

 

What is a Move-In Inspection?

Before physically moving into your Bel Air rental property, your tenants, alongside you and your property manager, must take part in what is called a move-in inspection.

Move-in inspections are designed to document, in both writing and visual proof such as photographs or video, the original condition of your rental property at the time your tenants move in.

This way, any existing damages will not become the responsibility of your tenants come the end of their lease term.

In addition, any new damages that do appear at the end of the lease term can be attributed to your tenants, should the damages extend beyond that of normal wear and tear.

The most important part of the move-in inspection is the signature section, where both the landlord and tenants sign in agreement to the original state of the property at the time the tenant takes possession.

 

4 Reasons Why the Move-In Inspection is Important

According to Maryland law, the move-in inspection should be performed with both the property owner and tenants present. This way any damages found in the property at the time the tenant takes possession are seen and agreed to by both parties.

There are very specific reasons why you and your property manager should conduct move-in inspections every time a new tenant moves in.

Let’s take a look.

 

1. Easily Recover Repair Costs

Move-In Inspections Easily Recover Repair Costs Of Your Rental Property

Your Bel Air property management company is going to recommend you collect a security deposit from your new tenants at the start of their lease term.

This is to cover any costs associated with damages to the property, an early lease termination, and any unpaid rent on the part of your tenants.

However, in order to use your tenant’s security deposit to cover the costs of damages that go beyond normal wear and tear, you will need to have proof those damages didn’t exist at the time your tenants moved in.

This is where a detailed move-in inspection checklist comes into play.

If you and your tenants sign a document agreeing to the original state of the property at the beginning of the lease term, and the property looks very different from that original state at the end of the lease term, you now have legal proof that you can collect from your tenant’s security deposit to make necessary repairs.

 

2. Maryland Law Requires It

Every landlord needs to follow all federal, state, and local landlord-tenant laws when it comes to disclosing specific information to tenants at the time they move in.

These disclosures either need to appear in the lease agreement itself, or be attached to the lease agreement as a separate document. Either way, the original state of the property must be revealed to those moving in.

One of the most important things to disclose to your Maryland tenants, which may end up on your move-in inspection checklist, is the certification that your property is free of any lead paint hazards.

According to Maryland’s Reduction of Lead Risk in Housing law, all properties built before 1978 must be registered as having potential lead paint hazards. In addition, landlords must distribute educational materials regarding lead paint hazards, and meet specific inspection requirements that certify the property is safe for living.

As a rental property owner, it is your legal duty to include this information in the move-in inspection so that your tenants are fully aware of what type of rental property they are about to reside in.

This not only protects them from the hazards of lead paint (since your property must be certified as safe to live in), it also protects you from a lawsuit at the end of the lease term should your tenant make the claim you failed to disclose this information to them.

Make sure that you and your Bel Air property management keep your rental property updated with its lead paint certifications. At any time, your tenants may request a copy of your most recent passing lead paint risk reduction inspection certificate that is on file with the Maryland Department of the Environment.

If you do not have this on file, you may find yourself in some legal trouble that you and your property manager may not be able to get out of without paying a hefty amount of fees and fines.

3. It Holds Parties Responsible

Move-In Inspection Holds Parties Responsible In Your Rental Property

Move-in inspections are designed to hold all parties – the landlord, property manager, and tenants – responsible for the condition of the rental property at the time of move in, during the lease term, and at the end when the tenant moves out.

By having your tenants sign the move-in inspection, you set a very clear message that you expect them to care for your property in a certain way, and that if they fail to do so, they will be held accountable.

On the other hand, the move-in inspection, as well as the lease agreement, holds you responsible for detailing the damages at the end of the lease term as an itemized list of security deposit deductions. This ensures that you do not wrongfully take your tenant’s security deposits to fix things in the property that are considered normal wear and tear items.

 

4. It Protects Your Property, Business, and Bottom Line

Here are some of the biggest complications that can arise from not conducting a move-in inspection of your rental property before the tenant moves in:

  • If you wait until after your tenant has moved in to ask them to complete a move-in inspection, you may have trouble compelling them to finish it properly
  • Once a tenant starts to move-in, the original condition of the property has become altered, perhaps even damaged, with no proof of when the damage occurred
  • If you let your tenant complete the inspection without you or your property manager, you run the risk of additional things being added to the list that are not there
  • Simply failing to complete a move-in inspection altogether (or failing to have the tenant sign the inspection) makes collecting the security deposit for repairs nearly impossible

 

These are just some of the scenarios you face if you don’t have a detailed move-in inspection process in place when new tenants move into your rental.

 

In Closing

If you own an investment property in the Bel Air region, and want help ensuring that all parties are fully protected from the start of any tenancy, get in touch with Bay Management Group today.

We can help draft legally compliant lease agreements addressing the issue of both move-in and move-out inspections and security deposits, set up time to thoroughly inspect your rental with both you and your tenants at the start of the lease term, and make sure your property is well cared for throughout the tenancy.

And, in the case excessive damage has been incurred during the lease term, we make sure you collect on your tenant’s security deposit to make proper repairs, so that the next tenants that move in have a pristine rental to call home.

How Often Should You Schedule Rental Property Inspections?

Posted on by Bay Management Group

How Often You Should Schedule Rental Property Inspections

Conducting routine inspections of your rental property throughout your tenant’s lease term is an excellent way to ensure your property is being well maintained.

Plus, it offers you a chance to address small maintenance and repair issues before they become bigger, as well as the chance to make sure your tenants are satisfied.

It is important to know, however, how often you can inspect your rental property so that you don’t disrupt your tenant’s living experience and don’t risk violating any tenant-landlord laws.

 

When Can You Inspect Your Chevy Chase Rental Property?

In short, you are legally allowed to inspect your rental property whenever you want, so long as you don’t violate your tenant’s right to quiet enjoyment.

In fact, landlords are allowed to drive by, walk by, or bike to their property anytime they want and inspect the exterior to make sure everything looks okay.

That said, your tenants are afforded certain rights when they move into your rental property that ensure you don’t intrude on their day-to-day living.

Tenants have the right to enjoy a peaceful and quiet living experience while leasing from you. This includes the right to a reasonable amount of privacy, freedom from disturbance, and the ability to use any common areas without any significant interference by you.

This means that, despite your pressing concerns about your rental property, you cannot intrude on your tenant’s right to enjoy the property throughout the lease term whenever you want.

And if you do, know that your tenant will then have the right to discontinue paying their monthly rent and leave the premises as they please, with no consequences for breaking the lease early.

 

The Best Times to Inspect Your Rental Property

Despite being able to inspect your rental property whenever you please with proper notice and a legitimate reason, it is best to so you do not become a bother to your tenants.

Below are some crucial times during a tenancy that you should make sure to inspect your property.

 

Move-in and Move-Out Time

Conduct Inspections During Move-In and Move-Out

Your Chevy Chase property management company will have you inspect your property at the time your tenants move in, as well as when they move out at the end of their lease term.

When your tenant moves in, your property manager will inspect the original condition of the property. This way, come the end of the lease term, you are able to determine what damages your tenant may have caused the property while residing there.

Looking beyond what is considered normal wear and tear, any damages found that can be attributed to tenant abuse or neglect are then covered by the tenant’s security deposit, which should have been collected at the time the tenant moved in.

It is important your tenant is aware these inspections will occur. This way they know you will be looking for instances where they may have damaged your property, and that their security deposit is on the line if damages are found.

Lastly, your tenants are likely to take better care of your property knowing you will be combing the property thoroughly at both the beginning and end of the lease term.

 

Check for Unauthorized Tenants

Sometimes you may feel there are unauthorized tenants living in your rental property.

This is common when a tenant begins to house a boyfriend or girlfriend, when a friend needs a new place to live, or when a family member overstays at your property.

Unfortunately, these instances easily turn into a roommate situation that, unless authorized by you, becomes a breach of the lease agreement.

You and your Chevy Chase property manager should have drafted the lease agreement to outline the rules regarding roommates. Some of those rules include:

  • Any roommate wanting to stay at your property must be screened and authorized by you and your property manager
  • The new tenant must sign the new lease agreement ensuring that they will pay their portion of the rent
  • The new lease agreement should have a joint and several liability clause protecting you and your investment property
  • Consequences for housing unauthorized tenants, including eviction, should be outlined so tenants know what can happen if they try to cheat the system

This is all assuming you even allow roommates, which you very well may not.

In any case, should you suspect that your tenants are housing unauthorized tenants, you might want to consider a quick inspection of the property to see if any extra rooms are being used, furniture has been added to the property, or additional people are actually present that are overstaying.

 

Check On Maintenance Needs

Check on Maintenance Needs in Your Rental Property Inspection

Checking your rental property regularly for small maintenance and repair issues is always a good idea.

Sometimes your tenants may fail to inform you about small issues such as leaky faucets. Other times, they may not even be aware there is an issue at all.

Either way, staying on top of small maintenance needs is a great way to keep your tenants satisfied and avoid large repairs costs for neglected repairs.

Conducting these types of inspections during the season changes is a great way to make sure they happen consistently, and do not bother your tenants too much.

When it comes time to winterize your property, do a quick run-through of the entire property, complete with a rental property safety checklist, and make sure everything is in pristine condition.

Do the same during spring when you want to spruce up the landscaping, during summer when it comes time to prepare your property for the colder months, and of course, during fall when things like rain gutters and pipes need checking.

While you’re at it, during these seasonal inspections you should take the time to make sure your tenants are following through on their obligations such as changing the air filters, maintaining major appliances, and keeping up on the landscaping, should these things be their responsibilities.

 

When a Tenant Misses Rent

When Your Tenant Misses Rent, Conduct a Property Inspection

When it comes to running a successful rental property business, you must make sure your lease agreement is drafted to ensure prompt rent collection procedures that your tenant understands from the very beginning.

If at any time your tenant misses a rent payment, you might consider stopping by to see what is going on.

This proactive approach may be able to solve a small issue, and help prevent a bigger issue such as an eviction and a vacant property in need of new tenants.

Find out why the tenant has missed their rent payment, issue proper notice that they need to pay up immediately, or enlist the help of your Chevy Chase property management company to start the eviction process if necessary.

No matter what steps you need to take, know that inspecting your property at a time like this may save you a lot of trouble down the road.

Whatever you do, however, do not take matters into your own hands after inspecting your property and noticing that your property is being poorly maintained or the rent is not being paid on time. This can lead to lots of legal trouble and make things much worse for you.

 

In Closing

It is your job as a landlord to inspect your rental property to make sure your tenants are fulfilling their roles, paying on time, and caring for your property. In addition, it is your job to maintain the property to the highest standards possible so your tenants are satisfied, and want to renew their lease with you come the end of the tenancy.

If you want help with regularly inspecting your investment property, contact Bay Management Group today to connect with our experienced property managers in Chevy Chase, MD.  We can help draft lease agreements that outline the inspection process and responsibilities of all parties involved.

In addition, we can conduct the actual inspections of your rental property so that you know everything is being handled properly, and that both you and your tenant’s rights are being honored.

Top 7 Ways to Guarantee Success in Your First Investment Property

Posted on by Bay Management Group

Ways to Guarantee Success in Your First Investment Property

Investing in rental property is a great way to boost supplemental income, or even replace your traditional 9-5 day job.

In fact, getting into the rental property business can be extremely lucrative, if approached the right way.

However, it’s important to note that many first-time investors can mistakenly get caught up in the excitement of buying a rental property – and this excitement can easily get in the way of making sound financial and business decisions.

Taking the step from the decision to invest in Abingdon rental property to actually doing it is a big one that warrants a lot of thought.

It comes with risks that you may not be aware of – ones that have the potential to affect the success of your rental property business for years to come. This is a decision to take very seriously.

If you want to avoid major mistakes when you set out to invest in your first piece of rental property, read on to find some helpful tips that are designed to guide new investors in the right direction, right from the start.

 

Helpful Tips for Investing in Your First Rental Property

1. Have a Plan

Before you jump into investing in your first rental property, you should take the time to devise a solid plan of action.

This will help prevent many unexpected issues that tend to pop up during the purchasing process.

Here are some things experienced property management companies suggest:

  • Pay Down Your Debt. Paying down your existing debt does more than help you qualify for a loan. It also creates a buffer once you own the rental property for things such as emergency maintenance issues, unexpected vacancies, and times when your tenant fails to pay rent.
  • Create a Budget. This is something any experienced property owner will tell you. Making a strict budget, before you invest in a rental property, will prevent you from getting in over your head. Factor in purchase price, maintenance and renovations, an emergency fund, and the cost of placing a tenant in your property.
  • Save for a Down Payment. Even if you have purchased a home in the past, it is important to realize that investing in rental property is much different. You will typically need at least 20% when it comes to a down payment, because there is no PMI available to protect the banks in case you default on the loan.
  • Watch the Market. Knowing when to invest is almost as important as having enough money to invest. You should take care to watch the market and see what interest rates are doing at the time you want to invest. Remember, investment property loans will usually have higher interest rates than traditional homes, which can kill your bottom line, even if you warrant high rent rates from quality tenants.

Making a plan before you get into the excitement of purchasing a rental property will help keep you on track during the investment process.

 

2. Take Your Time Choosing an Investment Property

Take Your Time Choosing an Investment Property

Again, closing on your first investment property is an exciting time that can cloud your judgement if you are not careful.

Avoid buyer’s remorse by taking your time to find the rental that will work best for your pre-defined budget. Check out any property you are interested in buying before entertaining any negotiations, and don’t take the previous homeowner or real estate agent’s word for it.

Ensure that the property has all the amenities you wish to offer to your tenants. Find out what makes this property stand out from others in the area that are being leased, and take note of all the things you may need to renovate before placing a tenant to make sure it fits into your overall budget.

In any business deal, jumping in too soon harbors room for problems that can have lasting effects on your rental property business.

Give yourself time to find the right one; it will be worth it in the long run.

 

3. Avoid Fixer Uppers

In the past, we have discussed how investing in a fixer-upper rental property can be a good idea. However, for those that are new to investing in real estate, this may not always be the best idea.

A great purchase deal on the surface often indicates that there is a lot of work needing to be done after you purchase the property in order to make it rent ready.

And, unless you have budgeted this into your overall plan, and are handy when it comes to repairs, chances are a fixer upper is not what you are looking for in your first investment property.

 

4. Choose a Reliable Real Estate Agent

Choose a Reliable Real Estate Agent For Your First Investment Property

The real estate agent you choose to help you with your property purchase can make or break your longtime success.

To avoid getting mixed up with a less-than-stellar real estate agent, take note of these helpful tips:

  • Don’t get caught up in negotiations with other interested buyers if the purchase price or other details begin to extend beyond what you originally planned for
  • Choose an agent that you trust, that has a reliable reputation, is patient and understands your needs, and is communicative throughout the process
  • Never let an agent rush your purchase decision, even if that means you lose out on a deal
  • Try to get referrals from those close to you that have had success with a real estate agent in the past

If at any time you begin to feel your agent is not being helpful, simply walk away and get a new one.

 

5. Decrease Expenses

Being successful with your first investment property does not stop after you finalize your purchase.

In fact, closing on a property is only the beginning.

From the start, think of ways you can decease expenses and boost your positive cash flow once you place tenants in your property.

For example:

  • Make sure all utilities are the tenant’s responsibility
  • Build extra costs, such as HOA fees, into the rent rate if you can
  • Shop around for homeowners insurance, and require your tenants to get renters insurance
  • Make your rental eco-friendly, especially when it comes to major appliances
  • Challenge your property taxes if you feel they are too high
  • Interview property managers to make sure you are getting the best deal for the services they offer

These small considerations have the potential to save you a lot of money as you lease your rental property, and are easy for new investors to handle.

 

6. Learn the Laws

Learn The Laws For Your First Investment Property

Whether you self-manage your rental or employ Abingdon’s best property management team, it is ultimately your responsibility to know and understand the federal, state, and local laws surrounding the landlord-tenant relationship.

Even if something illegal happens under the care of your property manager, you could find yourself in a lot of hot water.

Court fees and fines, a ding on your reputation as a property owner, and the loss of your property if your bottom line is damaged enough, can all result from not knowing the laws.

Educate yourself so that you know how to properly handle any legal situation that comes your way. And, if you have a knowledgeable property management company backing you, think of that as an added bonus.

7. Consider Hiring an Abingdon Property Manager

Getting into real estate and leasing your first investment property can be daunting at first.

You may not know what to do after you have purchased your property, or maybe you are not keen on the idea of self-managing your rental.

No matter the case, the solution resides in hiring a trusted property manager to help you out with everything from advertising your available property to tenant placement; tenant complaints to the lease renewal process.

If you are looking to invest in your first rental property in Abingdon, consider getting in touch with Bay Management Group from day one. With years of experience in the rental property industry, Bay Management Group has the staff on hand to answer all of your questions about being a successful rental property owner.

This way, once you invest in your first rental property, you will already have a qualified property manager in Abingdon ready to help you with setting rent rates, conducting inspections, providing 24/7 maintenance and repair services, and more.

Expert Ways To Make Your Rental Property Landscaping More Manageable

Posted on by Bay Management Group

How to Make Your Rental Property Landscaping More Manageable

First impressions are everything in life.

In order to make new friends, get hired for a new position, and yes, even to land a new tenant in your Elkridge rental property, first impressions are important.

As a landlord, you may not be too keen on the idea of investing your hard earned money into landscaping your rental property, if you are not going to be the one that enjoys it.

However, it is a widely accepted fact that curb appeal (how attractive the exterior of your property looks, including both your front and back yards), makes all the difference to prospective tenants.

That’s why today we are going to take a look at some easy ways you can make your Elkridge rental property landscaping stand out to potential tenants, without adding a great deal of hassle to your life.

 

How to Easily Manage Your Rental Property Landscaping

Whether you decide to tend to your rental property’s landscaping yourself, outsource to a reliable landscaping company, or enlist your tenants to lend a hand, having a solid foundation is the key to great looking yards that last all year long.

 

1. Fake It

Use Fake Grass to Make Rental Landscaping Manageable

We are not talking about faking the fact that you are investing time and money into your landscaping efforts.

What we mean is that if you really want an easy-to-manage solution to having green grass in your rental property’s yard that lasts year round, consider installing synthetic (fake) grass.

While the debate behind whether synthetic grass is a good idea or not still stands, the truth is, fake grass is easy to manage and comes with plenty of advantages.

In fact, according to HouseLogic, there are some key reasons synthetic grass is gaining popularity:

  • The upfront cost is recovered quickly after installment
  • It saves water which is not only eco-friendly, it helps save your tenants money
  • There is no maintenance when it comes to mowing, watering, seeding, edging, and fertilizing
  • The weather will not kill it (though you should take care if your property is in a hot region)

In addition, synthetic grass simply looks good.

Your rental property’s yards, especially the backyard, should be an oasis escape for your tenants to enjoy all the time. Fake grass has the ability to look and feel very much like real grass, which can be very inviting.

 

2. Go Native

Plants that are native to Maryland are going to be the easiest to manage throughout the year, regardless of who is in charge of that task.

Here are some of the most popular Maryland native plants that will suit all of your landscaping needs:

  • Groundcover. Pussytoes and Golden Groundsel are great for covering large sections of yard with an easy to manage plant. Plus, they work well to keep weeds at bay.
  • Ferns. For a lush, green look, add Sensitive and Christmas Ferns to your yard.
  • Grasses, Sedges, and Rushes. If you decide to forgo the synthetic grass for your rental’s landscaping, use Blue Sedge, Wool Grass, Little Bluestem, or Yellow Indiangrass instead.
  • Wildflowers. There is nothing more beautiful than flowers in an array of colors spanning your property’s backyard. Use Cardinal Flowers, Foxglove Beardtongues, Butterfly Weeds, or New York Ironweeds to add pops of color to your garden.
  • Shrubs. For the places in your yard that need a little extra coverage, consider Rose Mallow or Hillside Blueberry shrubs.
  • Trees. Maintaining trees can be a major hassle if you use non-native ones. That’s why Blackgun and White Oaks are going to be your best bet.

This is just a sampling of the types of native plants that will fare well in Maryland.

They are naturally occurring in the region (which is why they can withstand the elements), and are easy to take care of no matter your skill level.

 

3. Add Patio Space

Add Patio Space to Make Your Rental Property Landscaping More Manageable

If you are really looking to decrease the amount of time needed to maintain your Elkridge rental property’s landscaping, try adding a sizeable patio section to the backyard.

An excellent selling point when it comes to placing a new tenant in your rental, large patio spaces can serve multiple functions.

This area makes hosting family and friends a cinch for tenants that like to have get togethers. Patios are also great places to store equipment for the different seasons (such as your ski gear for winter, and your boating accessories for summer).

Lastly, there is little to no maintenance required when it comes to well-designed patios, save for a little sweep or watering down every now and again.

And, if you are really looking to impress prospective tenants, consider investing in some outdoor patio furniture, lighting, and even a BBQ with a food prep station so your tenants can get the most out your property’s backyard area.

Just don’t forget to add storage space for your tenants to store things like patio cushions during the rainy season or during times of non-use. This way the furniture textiles you have invested in do not become ruined (because replacing these things often will become costly).

 

4. Consider Water Use

While adding native Maryland plants is a great idea, and they typically do not require a lot of water, it is still crucial you think of overall water use when you design your rental’s outdoor space.

Maintaining a fully functioning sprinkler system opens you up to regular maintenance and repairs, especially when winter arrives and pipes have a tendency to freeze.

And, if you choose to water your yard by hand (or require your tenant to do so), the easy to maintain yard quickly becomes a hassle that is not easy to manage.

By using lots of groundcovers, as mentioned above, you reduce the amount of watering that your yard needs. In addition, these groundcovers will help keep other plants from overgrowing, will protect the soil from the elements (such as extreme hot or cold), and will only require an occasional rake here and there.

In fact, a region such as Elkridge experiences a lot of annual rain, even during the “dry season,” which means there is very little watering you will need to do with a large groundcover such as Golden Groundsel.

 

In Closing

When it comes to your rental property landscaping, there are a few factors to consider before jumping in and designing a tropical jungle.

You must consider what role each party will play in the maintenance of your property’s yards, how much work you want those tasked with landscaping to do, and how much money you want invested in the overall project.

If you are looking for an excellent property manager in Elkridge to help with tasks such as maintaining landscaping, lease drafting, rent collection, and seasonal inspections, contact Bay Management Group today.

Not only can we advise you on how to maximize the outdoor space your investment property has, we can assure you that your tenants fully understand their responsibilities when it comes to the maintenance of your yards, no matter how easy it is.

Our goal is to garner you high quality tenants that will care for and appreciate your rental’s landscaping, while collecting the highest rent rates possible as a reward for all your hard work in creating the perfect outdoor space.

The Top 5 Pro Tips For Long-Term Essex Resident Retention

Posted on by Bay Management Group

Pro Tips for Long Term Tenant Retention In Essex

Learning how to retain your Essex tenants, and encourage them to sign lease renewals at the end of their lease terms, is something all successful property owners do at some point during their career.

In fact, learning this skill early on will save you the time and money it takes to advertise a vacant property, screen for new tenants, draft a new lease agreement, and prepare your property for new tenants.

Not to mention, retaining tenants grants you a consistent stream of income, and helps you keep your vacancy rates low.

Whether you employ an Essex property management company to help boost your property retention rates, or you self-manage your rentals and approach tenant retention yourself, there are always new tips to add to your arsenal for satisfying your tenant, and making them want to stay year after year.

Keep reading to find out some of the best tenant retention tips both you and your property manager can implement to secure long-term resident retention in your investment property.

 

The 5 Essential Ways to Boost Retention Rates in Your Rental

1. Build Strong Landlord-Tenant Relationships

Build a Strong Relationship With Your Essex Tenant

Property management companies always stress the importance of first impressions when it comes to the landlord-tenant relationship.

And there’s a reason for that: how you begin a lease term with new tenants sets the tone for the rest of the tenancy.

That said, it is easy to forget to build on those relationships as your tenants settle into your property. This is especially true if your tenants always pay their rent on time, rarely complain or cause problems, and take care of your property the way they are supposed to.

But remember, when it comes to higher retention rates, it is this relationship with your tenants that matters most.

Do not spend all of your time and resources marketing vacant properties, dealing with problem tenants, and seeking new investment properties.

Instead, take the time to solidify relationships with good tenants that you hope to keep on for another lease term.

 

2. Say “Thank You”

Expressing your gratitude towards tenants that are worth the lease renewals you send out at the end of each lease term is another way to encourage high quality tenants to stay.

Try giving your best tenants something meaningful when it comes to rewarding them for their great tenant behavior.

Of course, a discount on rent is always welcome, since 58% of tenants prefer lower rent rates when it comes to incentives.

However, here are some unique ideas you can try should your budget allow:

  • Reserved Parking Spaces. Loyal tenants are sure to appreciate a reserved parking spot. Perhaps a covered spot or one that is closer to the property is something you can offer as an incentive. This works especially well for properties in urban areas where parking space is limited.
  • Deep Clean. Many property owners offer an annual carpet cleaning for tenants that sign lease renewals. However, taking it one step further and offering a house-wide deep clean is sure to make your tenants that much more satisfied.
  • Buy a Gift. Depending on your budget, and how much you value your tenant, consider buying them a unique gift that you wouldn’t normally purchase for an adequate tenant. For example, annual passes to the local zoo or amusement park, new furniture, or even something electronic such as a TV can go a long way when it comes to tenant satisfaction.

 

As you can see, there are plenty of ways to reward your tenant for being a good tenant and signing lease renewals with you. Sometimes, all it takes is a small incentive to push them in the right direction and convince them to stay.

 

3. Make Tenant Satisfaction a Year-Round Priority

Just as it is important to work on your tenant-landlord relationship throughout the lease term, it is important you check on the level of your tenant’s satisfaction throughout the lease term as well.

If you wait to find out your tenant does not want to renew with you come lease renewal time because they were not happy with some of the things you or your Essex property management company did or did not do, it’s too late.

Check on your tenants year-round to make sure any minor issues they are having are addressed immediately.

This proactive approach may be just enough to show your tenants that it’s worth their while to stay in your property for another year.

 

4. Get Feedback from Tenants and Make Improvements

Get Feedback From Tenants and Make Improvements

One thing all our property managers in Essex encourage their clients to do is collect feedback from current tenants to find out what improvements, if any, can be made.

Again, waiting until lease renewal time to find out your tenants are unhappy is too late.

Chances are they have already made their mind up and are on the way out, no matter what you do to try to stop them.

Here are some helpful feedback tips:

  • Attempt to meet with your tenants face-to-face for a more personalized meeting
  • For tenants that cannot meet in person, make an online or mail-in survey available so they can participate at their own convenience
  • Consider offering a small incentive to get tenants to complete the survey, such as a one month rent discount
  • Take the time to work with your property management company once results come in to make needed improvements

 

In addition to maintaining an open line of communication with your tenants throughout their lease term, implementing an annual satisfaction survey can help you lower tenant turnover rates, and make your rental property business more successful.

 

5. Offer 24/7 Rental Property Maintenance

Offer Around the Clock Rental Property Maintenance

Around the clock maintenance is something that all tenants appreciate when it comes to leasing a rental property.

When you fail to pay attention to the overall maintenance and repair procedures you have in place, and problems ensue, tenants are sure to look elsewhere to live once their lease is up.

Make sure your tenant knows from the start what to do in the case of an emergency versus a minor repair issue.

Give them all of the appropriate contact information – property manager, contractors, emergency maintenance, and the after-hours call center – so that when they need something, they know exactly what to do and who to call.

In addition, it is crucial you stay on top of the relationship your property management company and vendors have.

If that relationship is broken, this will surely carry over into any work performed on your investment property for your tenants. This can bother tenants to the point they do not want to sign a lease renewal with you.

 

In Closing

Your tenants need to feel good about where they live, especially if they are going to sign lease renewals come the end of their lease terms.

And as the property owner, whether you enlist the help of a property manager or not, it is your responsibility to make sure they are nothing short of satisfied.

If you own rental property in the Essex region, and hope to reduce your property vacancies, get in touch with Bay Management Group today. We provide superior customer service to both property owners and their tenants, and believe that how we treat our customers is the most important aspect of our business.

With effective maintenance procedures in place to guarantee tenant satisfaction, the ability to regularly check in on tenants to ensure they are not having any issues, and the desire to collect and utilize any feedback we receive from your tenants, we can help you improve your property retention rates. It is our job to place long-term tenants in your rental and make certain they are happy.

Top 5 Renovations To Improve Your Income Property’s ROI

Posted on by Bay Management Group

Top Renovations to Improve Your Rental Property's ROI

Part of becoming a successful landlord in Annapolis is making your rental property more valuable through renovations and upgrades.

This will not only help you justify asking for higher monthly rent rates, but allow your property management company to place higher quality tenants in your property.

Adding to that, renovations are known to increase your property’s resale value should you decide to sell your property in the future.

Lastly, performing the right renovations on your rental property will increase your overall return on investment (ROI), so you can profit more, and possibly pay off your mortgage quicker.

Understanding your rental property’s ROI will help you understand how well your property portfolio is working for you. That’s why it is crucial to know which renovations will generate a high ROI.

Knowing this will keep you from dipping into your profits and renovating something that will end up hurting you financially in the long run.

Today we are going to look at what ROI is, how to calculate it for your Annapolis rental property, and the ways in which the most common property renovations can help boost your ROI.

 

What is ROI?

Return on investment (ROI) is a metric used by real estate professionals to estimate the performance of an investment property.

In short, your property’s ROI will reveal how profitable your property is.

ROI is calculated by dividing the net profit of your investment by the amount of money invested thus far. The end result is then expressed as a percentage or ratio of how much return on your original investment you are making as a profit.

 

Calculating Your Annapolis Rental Property’s ROI

How to Calculate Your Annapolis Rental Property's ROI

To calculate your rental property’s ROI, follow these simple steps:

  • Calculate your rental property’s total annual rental income
  • Subtract all expenses (this is considered your annual cash flow)
  • Add any equity you have to build your annual cash flow (this is considered your net income)
  • Divide your net income by your total investment to get the ROI

For instance, let’s say you purchase an Annapolis investment property for $100,000. You charge $800 a month in rent, spend $200 a month on expenses, and have zero equity built up.

Here’s the calculation:

$800 rent – $200 in expenses = $600/month cash flow ($7,200 annually).

With zero equity built in, your ROI becomes $7,200/$100,000 = .072, or 7.2%.

Of course, things become more complex when you have built up equity, and you have financed your rental. Luckily, there are plenty of online ROI calculators to help you with the calculations.

Though there is no exact number to aim for, in general you should hope for an ROI between 6% – 10% (or higher) to truly know your investment is working for you, not against you.

 

Ways to Increase Your Rental Property ROI

If you are looking to boost your rental property’s ROI (and thus your positive cash flow), consider investing in some of the following renovations.

1. New Roof

Increase Your Rental Property's ROI By Putting In a New Roof

In the past, we have discussed the importance of having a basic understanding about your rental property’s roof, including how to assess it for damage and make the appropriate repairs.

This is not only for the safety and convenience of your current tenants, but for aesthetic appeal as well.

One of the first things anyone will notice when they visit your property is the exterior of the property, and that includes the roof.

Curb appeal is one of the best ways to entice potential tenants to lease from you. The better the exterior of your property looks, the higher you can charge when it comes to the monthly rent.

 

2. Landscaping

Speaking of exterior appeal, the way both the front and back yards of your rental property are landscaped will significantly influence how much you can ask for in monthly rent rates.

If you are looking to increase the value of your property’s landscaping, in an effort to boost ROI, consider the following renovations:

  • Add flowers, shrubs, and trees for added visual appeal and shade
  • Install a custom walkway, deck, or porch
  • Consider investing in a pool or hot tub
  • Design an outside kitchen area, complete with BBQ and food prep station
  • Include outside furniture such as lawn chairs and a table set
  • Add exterior lighting so tenants can enjoy the evenings outside

Many prospective tenants place a lot of emphasis on what they want to see in a rental property’s landscaping, whether it be in the front or back yards.

And, since some of these upgrades are relatively inexpensive, most landlords will have no problem adding a few exterior landscaping renovations to their rental property in an effort to get more return on their investment.

 

3. Flooring Upgrades

Improve Your Rental Property's ROI by Updating Flooring

The flooring in your rental property is the one thing your tenants will make the most use out of while leasing from you.

And, while it can be tempting to place the cheapest carpet possible throughout your rental as a way to reduce costs due to natural wear and tear, there are some affordable and much more effective options that will also add to the value of your rental.

Take the time to research what kind of flooring you want to upgrade to – hardwood, tile, higher quality carpet, laminate, concrete, or vinyl – before spending any money.

But remember, no matter which style you go with, a newly upgraded floor throughout your rental is sure to garner you a higher ROI immediately.

New floors are sturdier, better looking, more functional, and more appealing to anyone looking to lease a rental home.

 

4. Additional Square Footage

Adding more space to your Annapolis rental property is one of the best ways to increase the value of your investment.

This is especially true if you own property in a competitive housing market.

Consider adding an additional bedroom, sunroom, basement or attic, or even just opening up an existing room by removing a wall that is taking up space.

Additional square footage can help in a variety of ways. It makes for a larger living space, allows for additional family members or roommates to live with your tenants, and even gives those that work from home a way to enjoy a dedicated workspace.

No matter what you do, expect the value of your property to jump and your rent rates to increase accordingly if you renovate your property to have additional square footage.

 

5. Green Appliances

Improve Your Rental Property's ROI By Installing Eco-Friendly Appliances

With more people looking to do their part when it comes to helping the environment, renovating your rental property to be more eco-friendly is an excellent way to increase the value of your property.

Things such as green appliances are not only appealing to those looking to make a difference in the world (which drives tenant competition up), they also help lower your tenant’s power bills – which is always a bonus amongst those looking to rent.

What’s better, there are plenty of incentives offered by states and cities to help offset the cost of going green in your rental.

This means even more savings for you, happier tenants, and a higher ROI.

 

Renovating your Annapolis income property to increase your return on investment is always a good idea if your budget allows for it. Especially because after the upgrades are successfully finished, you will be able to instantly recover all of the costs you put into them.

If you are in need of a high quality property management in Annapolis company to help you with things like rent rates, good renovation ideas, and placing high quality tenants in your property that will pay what your investment is worth, contact Bay Management Group today.

We can help you determine which renovations will generate a ROI boost, steer you clear of upgrades that do not make financial sense, and make sure you keep your rent at a reasonable and competitive rate.

Top 7 Gifts For Your Philadelphia Tenant’s Welcome Package

Posted on by Bay Management Group

Top Gifts For Your Philly Tenant Welcome Package

First impressions are a big deal when it comes to moving tenants into your Philadelphia rental property.

In fact, the way in which you handle the entire move-in process is sure to set the tone for the entire lease term.

If you want an easy way to impress your new tenants, make them feel welcome in your rental property, and provide them with the essentials often needed when moving into a new home, consider giving your tenants a welcome package, complete with information and goodies.

Not sure what the best gifts to include are?

Keep reading to see some of the things your Philly tenants are most likely to appreciate, and start putting together your tenant welcome package today.

 

7 Gifts to Include in Your Philly Tenant Welcome Package

If you decide to give your new tenants a welcome package when they move into your Philly rental property, it’s a good idea to put some thought into what you want to include.

 

1. A Welcome Letter

Include Welcome Letter in Your Philly Tenant's Welcome Package

The first thing you will want to include in your Philly tenant welcome packet is a nice welcome letter.

This should be handwritten and personalized to make the biggest impact.

However, if this is not something you want to do, try at the very least to include the welcome letter on some nice stationery.

In fact, utilizing your Philly property management company’s letterhead is the perfect opportunity to appear professional, yet still welcoming.

And, since the letterhead will likely have the property management company’s contact information on it, your tenant will be able to easily contact the property manager in charge of managing your rental should they need anything.

2. Information Packet

Though not technically a gift, including an information packet in your welcome package is always a good idea.

However, knowing what to put in the information packet is not always clear.

Here are some key elements to include that will not only be helpful to your new tenants, but help assure you that your tenants are fully aware of what to do when they need assistance:

  • How and when to pay rent, including the full amount due
  • Important phone numbers for vendors or contractors in the case of an emergency
  • Contact information for the property management company
  • How to put in a maintenance or repair request
  • Utility information, including contact and bill pay information
  • Information regarding routine inspections
  • How to operate and maintain large appliances such as the washer and dryer, dishwasher, and HVAC system

 

In addition, you can include things like local maps, names of nearby restaurants and shopping centers, and even local entertainment hotspots so your tenants don’t feel overwhelmed about where to go come move-in time.

3. Coupons

Coupons Are a Great Tenant Welcome Package Gift

It is not unusual to receive a mailer full of coupons from the post office to use at local restaurants and retailers when you move into a new home.

However, you can add to that stack of coupons by including some specialty coupons to local places that you know your tenant will love.

Try reaching out to local businesses and seeing if they will provide you some exclusive new tenant coupons.

In addition, try to incorporate any local restaurant fliers you may come across so your tenants have plenty of variety when it comes to choosing where to eat.

 

4. Cleaning Supplies

When your tenants move into your Philly rental property, chances are they are going to do some cleaning themselves.

This is especially true once their personal belongings start to move in.

Moving boxes, items from storage units, and dirty moving trucks have the tendency to track in dirt and grime that eventually settles into a new home.

Your Philadelphia property management company may recommend you supply your new tenants with basic cleaning supplies to help them during the move-in process.

Consider giving your tenants a small bucket containing the following:

  • Sponges
  • Glass cleaner
  • Toilet bowl scrubber
  • Paper towels
  • Bleach

 

Providing your tenants with cleaning items as an addition to their welcome package is relatively inexpensive to do since most of these things are easily found at the local dollar store.

In addition, these items are not only helpful things to have on hand as your tenants move in, it gives them the impression you take pride in a clean rental.

 

5. Gift Cards

Include Gift Cards in Your Philly Tenant Welcome Package

If your budget provides for more expensive welcome package items, consider giving your tenants gift cards to a local grocery store or restaurant.

Moving into a new home is a time consuming project that leaves very little room for cooking.

Helping your tenants get their first meal or two in after moving in is so appreciated.

In addition, chances are your tenants did not transport many food items from their old home to the new rental. Again, a gift card to the grocery store can go a long way in helping your tenants get started after moving into your rental.

6. Toiletries

Along the same lines as offering your tenants cleaning supplies they may not have on hand when first moving in to you rental, providing toiletries in your welcome package will certainly earn you bonus points from your tenants.

Include items such as toilet paper, tissues, soap, hand sanitizer, and even a shower curtain liner so they can begin enjoying your rental’s bathroom right away.

If you want to take it one step further, try leaving a single use laundry detergent, fabric softener, and bleach packet by the washing machine and dryer so tenants can get their first load of laundry underway immediately.

 

7. Long Distance Gifts

Long Distance Gifts Such as Flowers are Great For Philly Tenant Welcome Package

For property owners that own rentals in Philadelphia but self-manage from another city or state, there are still ways to make your new tenants feel at home when they move in.

These long distance ideas can be used in conjunction with the welcome package your Philadelphia property manager gives your tenants on move-in day, and make a bold statement about how serious you are about welcoming your tenants into their new home.

Here are some of the best ideas:

  • E-card. Send a card via email welcoming your tenants to their new home. Take it up a notch and include a gift card for them to enjoy, if your budget allows for it.
  • Flowers. If you are unable to personally leave out a bouquet of flowers for your tenants to enjoy the moment they enter your rental property, consider having a beautiful arrangement delivered to them instead. Flowers are a great way to add a personal touch to a new home.
  • Fruit Baskets. Fruit baskets or arrangements are another highly popular and well-received welcome package gift. Again, even if you manage your property from afar, having seasonal fruits delivered to your rental is a simple gesture that can go a long way when it comes your tenant-landlord relationship.

 

Sometimes distance makes it difficult for you to forge strong tenant-landlord relationships in person. However, there are still very effective ways for you to make your tenants feel extra special, even if you are unable to meet them face-to-face.

 

In Closing

Creating a tenant welcome package is a great way to kick off the tenant-landlord relationship that is sure to build over the course of your tenant’s lease term.

This gesture shows your tenants you care about them, and your property, and that you want their move-in to be as smooth as possible.

If you are looking for a property management company in Philadelphia to help you handle the entire move-in process, contact Bay Management Group today and see how we can help.

With experience in tenant screening, legally compliant lease drafting, and move-in inspections, we can get your tenants settled into your rental property seamlessly. In addition, we can help you create an exceptional tenant welcome package, complete with all the goodies new tenants love to see.   This way you can rest assured your tenants understand everything that is expected of them, and your tenants can rest assured that customer service is your, and our, number one priority.